Saxo Payments, the global transactions services provider, today at Money 2020 unveils the new brand – Banking Circle – for its international payments community. A marketplace that disrupts the status quo of traditional international B2B banking, Banking Circle delivers significant advantages for FinTechs and their merchants, providing transaction fees lower than any traditional bank; highly competitive FX rates and transfers in minutes or seconds rather than days.
“Our goal in creating the Banking Circle banking platform is to help payments businesses extend their value chain, from simply disrupting the user experience to disrupting the entire cross border bank transfer process”, explained Anders la Cour, Chief Executive Officer, Saxo Payments. “With a number of key payments brands already members of the Banking Circle, including First Data, Tuxedo Money Solutions, Credorax and Allied Wallet, Banking Circle is playing a fundamental role in global trade.”
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By becoming a Member of the Saxo Payments Banking Circle – which is open to any FinTech business (card acquirer, payment gateway, P2P lending business) or other tech related enterprise- a business can provide bank transfer capabilities in its own name, competing directly with the banks in terms of offering the ability for merchants to pay suppliers and partners around the globe at low cost. Merchants also benefit by joining the Banking Circle.
Merchant Members can reduce the cost of international bank transfers significantly, sending and receiving transfers instantly and without incurring a landing fee to a recipient within the Banking Circle – no matter where they are in the world. Payments made to non-members of the Banking Circle can be made at low cost typically enabling the non-member to receive payment in one day – irrespective of location.
Benefits for Banking Circle Members
- A global banking platform providing the facility to enable merchants to make cross border transfers and settle suppliers and partners in seconds, regardless of location
- Enhancing the value proposition to attract more merchants
- Supporting growth targets by expanding the capability to handle greater volume and value of transactions
- Full control of funds through a segregated IBAN account from payments can be made and received
Benefits for Banking Circle Merchant Members
- Enabling rapid business growth by giving access to new markets without the need for multiple banking relationships
- Pay or receive funds in seconds and free of charge within the Banking Circle
- Pay or receive funds from non-members as next day payments at a low rate
- Low FX rates
- Automatically convert incoming payments into any currency requested
- Easy reconciliation
- Add value to supplier and partner relationships by encouraging them to join the Banking Circle to pay invoices or receive money in seconds rather than days